Are entrepreneurs born or made - Essay Example

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Are Entrepreneurs Born or Made? Who is an entrepreneur and what constitutes a successful entrepreneur has been a subject of great academic and business research. One definition suggests that, Entrepreneurs are individuals who increase economic productivity by shifting resources from an area of lower productivity into an area of higher productivity (Jean-Baptist Say, 1800)…
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Download file to see previous pages From these definitions, it logically follows that entrepreneurship is the process that the entrepreneur undertakes to achieve his goals; or in simplistic terms, what an entrepreneur does. This paper will present a number of behaviours skills and attributes that are necessary for entrepreneurial success and will try to understand if these behaviours and skills are inherent or if they can be acquired through learning and social conditioning. Furthermore there exists rich literature on entrepreneurial processes that delineates theories and models which form the bases of entrepreneurial success. These theories and models provide insight into the undertaking successful entrepreneurial ventures. Together these models and behaviours will prove or disprove the notion that entrepreneurs can only be born. An entrepreneur is characterized by behaviours and endowed with skills that set him apart from other people. These particular attributes are the essential constituencies of an entrepreneur and their underlying theories become the focal point of the discussion of whether entrepreneurs are born or made. This paper will seek to critically evaluate a number of theories and models of entrepreneurship and the entrepreneurial process in order to reach to a conclusive answer to this question. Entrepreneurs are creative, innovative and opportunity-seeking individuals who have a preference for taking initiative and moderate risk. This creativity enables them to see things in different contexts, devise new solutions to problems and craft new approaches to doing business. An entrepreneur will desire sense of responsibility to and ownership of his work as he is committed to it. Another distinguishing characteristic of entrepreneurs is that they are very flexible. They adapt very easily to the changing environment to meet the need of their customers and businesses. One reason for this is that they have an internal locus of control. Entrepreneurs believe that they are responsible for the outcomes of their businesses and therefore do not attribute failure to external factors. They believe in making their own luck and shaping their own destiny. An entrepreneur is more likely to prefer achievement over money which makes him a highly motivated individual. This motivation then channels positive energy that transcends to the enterprise too. Behaviours are different from skills and, as such, an entrepreneur also possesses some distinctive skills. As decision makers entrepreneurs rely on their gut feeling and this skill aids in decision making when there are information constraints. They can think strategically and possess negotiation and persuasion skills. Entrepreneurs make their enterprises a success as they have a vision for leading their organization, shaping its dynamics and seeing through to its commitments. A number of models and theories have been coined to explain entrepreneurial behavior and process. The Stage model of growth by Scott and Bruce (1987) explains the growth of enterprises in terms of five stages; inception, survival, growth, expansion and maturity. During the inception stage the business is starting up with inconsistent growth. The business and its products are constantly being modified and the functions of the business are not ...Download file to see next pagesRead More
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